BB&T 2012 Annual Report Download - page 128
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106
NOTE 5. Premises and Equipment
A summary of premises and equipment is presented in the accompanying table:
Estimated December 31,
Useful Life 2012 2011
(Years) (Dollars in millions)
Land and land improvements $ 547 $ 508
Buildings and building improvements 40 1,235 1,220
Furniture and equipment 5 - 10 1,141 1,132
Leasehold improvements 555 521
Construction in progress 37 37
Capitalized leases on premises and equipment 59 52
Total 3,574 3,470
Less - accumulated depreciation and amortization (1,686) (1,615)
N
et premises and equipmen
t
$ 1,888 $ 1,855
BB&T has noncancelable leases covering certain premises and equipment. Total rent expense applicable to operating leases
was $215 million, $199 million and $188 million for 2012, 2011 and 2010, respectively. Rental income from owned
properties and subleases was $8 million, $7 million and $8 million for 2012, 2011 and 2010, respectively. Future minimum
lease payments for operating leases for the five years subsequent to 2012 are $197 million, $181 million, $164 million, $147
million and $128 million. The payments for 2018 and later years total $613 million.
NOTE 6. Goodwill and Other Intangible Assets
The changes in the carrying amounts of goodwill attributable to each of BB&T’ s operating segments are reflected in the table
below. To date, there have been no goodwill impairments recorded by BB&T.
Residential Dealer
Community Mortgage Financial Specialized Insurance Financial
Banking Banking Services Lending Services Services Total
(Dollars in millions)
Balance, January 1, 2011 $ 4,537 $ 7 $ 111 $ 94 $ 1,067 $ 192 $ 6,008
Acquired goodwill, net ― ― ― ― 45 ― 45
Contingent consideration ― ― ― ― 20 ― 20
Other adjustments 5 ― ― ― ― ― 5
Balance, December 31, 2011 $ 4,542 $ 7 $ 111 $ 94 $ 1,132 $ 192 $ 6,078
Acquired goodwill, net 358 ― ― 5 358 ― 721
Contingent consideration ― ― ― ― 3 ― 3
Other adjustments ― ― ― ― 2 ― 2
Balance, December 31, 2012 $ 4,900 $ 7 $ 111 $ 99 $ 1,495 $ 192 $ 6,804
The following table presents the gross carrying amounts and accumulated amortization for BB&T’ s identifiable intangible
assets subject to amortization:
December 31, 2012 December 31, 2011
Gross Net Gross Net
Carrying Accumulated Carrying Carrying Accumulated Carrying
Amount Amortization Amount Amount Amortization Amount
(Dollars in millions)
Identifiable intangible assets:
CDI $ 672 $ (522) $ 150 $ 626 $ (484) $ 142
Other (1) 1,080 (557) 523 787 (485) 302
Totals $ 1,752 $ (1,079) $ 673 $ 1,413 $ (969) $ 444
(1) Other identifiable intangibles are primarily customer relationship intangibles.